By: Geeq on Sep 27, 2020
“If auto manufacturing were a country, it would be the sixth largest economy”, states the International Organization of Motor Vehicle Manufacturers. Deloitte Insights 2020 Report, “Industry 4.0 in Automotive: Digitizing the end-to-end value automotive value chain” discusses the pain auto manufacturers may face if the cost of “trying to keep multiple research and development (R&D) balls in the air at the same time”, largely self-funded in areas such as electric vehicles (EV), additive manufacturing (3D Printing), connected vehicles, and cybersecurity threat mitigation do not translate into prices consumers are willing to bear.
The Deloitte report identifies four paths to control the costs of technology improvement while attempting to stay relevant:
- Cost-cutting, including “exit from entire vehicle categories”,
- Acquiring technological expertise and technological startups rather than developing the technology in-house,
- Spreading costs across players by forming strategic partnerships, and
- Collaborating both inside and outside the industry with security experts and regulators to identify threats, develop standards, and work on infrastructure plans that will allow connected or semi-autonomous vehicles to provide consumer services safely.
Connected Vehicles are connected by Sensors (IoT), and Sensors generate Data
Because the Fourth Industrial Revolution is driven by “smart” technologies, the role of data is pivotal. There is no shortage of data generated as auto manufacturers strive to include the Internet of Things (IoT) in their connected vehicles. Autonomous driving features depend critically on feedback from IoT as well. Translation to actual road use, however, will require buy-in by regulators, auto manufacturers, and consumers alike. Many steps remain in between current R&D and adoption, including agreement on safety certifications and the communications technology infrastructure that will need to be available.
Fortunately, coordinating on these necessary requirements in a cost-effective way is one of the value propositions of using Geeq™ blockchain as a back-end data service for IoT.
Why Geeq blockchain?
Geeq’s blockchain platform is designed as a stand-alone, add-on data service for enterprise adoption, with security uppermost in mind. As manufacturers worry about cyberthreats, Geeq’s novel Proof of Honesty protocol introduces no new attack surfaces that could distort the reliability and integrity of the data logged in independent blockchain applications. Safety regulators and consumers alike will need reassurance that auto manufacturers are providing provably unaltered data. That’s exactly what Geeq™, above all other blockchain services, provides. For that reason alone, Geeq™ is poised to be a key player in the Fourth Industrial Revolution.
Geeq’s enabling technology provides manufacturers with the ability to prove to regulators and consumers that they are providing unaltered data. For that reason alone, Geeq is poised to be a key player in the Fourth Industrial Revolution.
In addition, in keeping with manufacturers’ needs to reduce costs of record-keeping, Geeq estimates the costs of its IoT blockchain-based services to be extremely low.
|Tx per Year||Annual Cost per Device|
|Ten Minutely Tx||50k||$0.50|
If you are interested in the assumptions used and a breakdown of the cost calculations in the Table, those are stated here.
Technology, timing, execution and an ability to meet customers’ needs are keys to success in successful adoption. In the case of connected vehicles, the timing of auto manufacturers’ needs and Geeq’s blockchain is exceptionally well-matched. Geeq’s technology solves the problem that many manufacturers face as they try to keep up with the fast pace of innovation. With Geeq, manufacturers can:
- Outsource a secure blockchain data service without disrupting their own organizations,
- Commit to providing comparable data for regulators without having to form consortia or share data with competitors,
- Access cost-saving technology, and
- Reassure their own customers that their processes have maximized transparency with accountability.
To find out more about the experience of Geeq’s Team and our commitment to implementation with your interests in mind, we invite you to visit Geeq’s Team page. At Geeq, everyone in our public blockchain ecosystem wins when our services provide value. We look forward to growing with you.
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